1

PT Toba Bara Sejahtra Tbk (“Toba”)

Company Presentation March 2014

2

Disclaimer

These materials have been prepared by PT Toba Bara Sejahtra (the “Company”).

These materials may contain statements that constitute forward-looking statements. These statements

include descriptions regarding the intent, belief or current expectations of the Company or its officers with

respect to the consolidated results of operations and financial condition of the Company. These statements

can be recognized by the use of words such as “expects,” “plan,” “will,” “estimates,” “projects,” “intends,” or

words of similar meaning. Such forward-looking statements are not guarantees of future performance and

involve risks and uncertainties, and actual results may differ from those in the forward-looking statements

as a result of various factors and assumptions. The Company has no obligation and does not undertake to

revise forward-looking statements to reflect future events or circumstances.

These materials are for information purposes only and do not constitute or form part of an offer, solicitation

or invitation of any offer to buy or subscribe for any securities of the Company, in any jurisdiction, nor

should it or any part of it form the basis of, or be relied upon in any connection with, any contract,

commitment or investment decision whatsoever. Any decision to purchase or subscribe for any securities

of the Company should be made after seeking appropriate professional advice.

Table of Contents

2013 and 1Q14 Performances in Review

Corporate Profile

Investment Highlights & Growth Strategies

Business Overview

2014 General Guidance

3

3

6

5

1

2

4

CSR & Environmental Highlights

4

Corporate Profile 1

Toba specializes in thermal coal production and comprises three operating subsidiaries: Adimitra

Baratama Nusantara (ABN), Indomining (IM) and Trisensa Mineral Utama (TMU), which hold adjacent

concession areas located in East Kalimantan, Indonesia

Toba in Brief

Substantial and diversified thermal coal

reserves and resources

oJORC-compliant proved and probable reserves of

147 Mn tons and measured, indicated and inferred

resources of 236 MM tons

oCoal brands with calorific values ranging from

4,700 - 5,800 Kcal / kg GAR

Reserves

%

Strong growth profile & upside potential

oProduced 5.6 Mn tons of coal in 2012 and grew to

produce around 6.5 Mn tons of coal in 2013

o Prime location provides operational cost edge to

grow as a logistical & operational center for the area

oContinued exploration effort to increase our Reserves

and Resources. Current reserves only account for 52%

of total area, hence vast area remains unexplored

Revenue (1)

%

EBITDA(1)

%

Resources %

Total: 147 MnTons Total: US$ 422 Million Total: US$ 59 Million Total: 236 Mn Tons

Notes: Revenue and EBITDA as per 2013 results

ABN 80%

IM 15%

TMU 5%

ABN 66%

IM 16%

TMU 18%

5

ABN 74%

IM 22%

TMU 6%

ABN 78%

IM 14%

TMU 6%

Notes:

1. Son of TS founder, Luhut B. Pandjaitan

2. Figures are rounded off

Ownership Structure

• 20-year Production

Operation Mining Permit

(“IUPOP”) expiring in

December 2029

• IUPOP was converted from

Kuasa Pertambangan

(“KP”) in 2009

• IUPOP expires in June 2013

• IUPOP was converted from KP in

2010

• IUPOP extension was completed

in March 2013 (First out of 2

extensions: in 2023, with tenor of

10 years each)

• 13-year IUPOP expires in December

2023

• IUPOP was converted from a KP in

2010

• Plantation permit expires in 2036

• 2,990 ha • 683 ha • 3,414 ha • 8,633 ha (Right to Use Land)

• Reserves: 117 MT- JORC

• Resources: 156 MT- JORC

• Reserve: 22 MT- JORC

• Resources: 37MT- JORC

• Reserves : 8 MT - JORC and

additional 7 MT of internal estimate

• Resources: 43 MT- JORC

• Planted Area: 2,896 ha

License

Area

Davit Togar Pandjaitan (1) PT Bara Makmur Abadi PT Toba Sejahtra (“TS”) Roby Budi Prakoso PT Sinergi Sukses Utama

71.8% 0.8% 6.2% 5.1%

PT Toba Bumi Energi (“TBE”)

99.99% (2)

99.99% (2)

3.6%

ABN Minorities

49.0%

51.00% 99.99% (2)

Public

12.5%

Reserve

90.00%

6

Majority Shareholder

Coal Mining

• PT Toba Bara

Sejahtra Tbk

• PT Kutai

Energi

• PT Pusaka

Jaya Palu

Power

• PT

Kartanegara

Energi

Perkasa

Power

7

Toba believes it benefits from Toba Sejahtra’s experience in the Indonesian coal sector as well as its

leadership and experience

Controlling Shareholder with Established Track

Record… Helmed by an Experienced Leader

• General (Ret.) Luhut B. Pandjaitan is the key

shareholder and founder of Toba Sejahtra

Group. He is currently the chairman of TS

• Mr. Luhut had a long and illustrious career in the

civic service before turning to the commercial

sector. Over the course of thirty years in the

Army Special Forces, Mr. Luhut rose to become

a four-star general

– In 1999, Mr. Luhut retired from the military service to serve as

Ambassador for the Republic of Indonesia to Singapore

– In 2000, he was appointed Minister of Industry and Trade of the

Republic of Indonesia

• Thereafter, Mr. Luhut applied his knowledge and leadership skills

to establish TS in 2004, building it from the ground up into a

major business group with interests in energy oil and gas, power

and agribusiness

• PT Tritunggal

Sentra Buana

(Palm Oil)

• PT Toba

Pengembang

Sejahtra

(Property)

• Others

Other Industry

Established in 2004, PT Toba Sejahtra (TS) is a fast growing Indonesian enterprise with industries,

ranging from Energy Sector such as Natural Resources, Power, and Agriculture (Palm Oil) to Property

2007

• IM commenced

production at

200k tons

2011

• TMU commenced production

• Toba production hit 5m tons

2008

• ABN commenced

production at 100k tons

• Toba underwent

operational adjustment due

to drop in coal market

2010

• TS acquired the remaining share for IM

from minority shareholder

• Toba acquired 51.0% of ABN, 52.5% of

TBE (IM’s shareholding company) and

51.0% of TMU

• Toba production hit 4m tons

Key Milestones since Inception

Strong track record of acquisitions, development of greenfield mines, rapid production ramp-up and

experience to adjust operation in a down-market

2007 2008 2009 2010 2011 2012 2013

2012

• Toba acquired the minorities’ shares in TBE and TMU

• IPO/Listed on IDX, 6th July 2012

• Eliminated overlapping issues with

plantation company (PKU)

2009

• ABN & IM production

reached 2m tons

2013

• IM successfully

extended IUPOP

until 2023

8

Listed on IDX 06 July 2012

Number of Shares Offered 210,681,000 shares or 10.47%

IPO Proceed IDR 400,293,900,000

Anchor Investor Baring Private Equity Asia (8% at IPO)

Ticker Code TOBA

Initial Public Offering

9

Investment Highlights and Growth Strategies 2

Samarinda

Sungai Mahakam

Muara Jawa

Muara

Berau

Makassar Strait

Major City

Jetty

Transhipment Point

~55 Km

(total ~120 Km)

~65 Km

ABN

Kutai

Energy

Adjacent

locations for

all 3 mines

TMU ABN

IM

ABN Jetty

IM Jetty

~ 5 km 17km

Furthest pit to

jetty 25km | with

closest one ~5km

Major city is

less than 50

km

Close proximity

transhipment

point & jetty

Toba owns all infrastructures (coal processing plants, overland conveyors, and jetties), giving

significant operating leverage vs other concessions in surrounding areas

Prime Location Gives Significant Cost Advantage (i)

Balikpapan

TMU - IM Hauling Road

~ 120 km

10

Prime Location Gives Significant Cost Advantage (ii)

Coal Chain Distance (a)

In km

Toba’s transportation costs are relatively low due to its close proximity to the Transshipment Point

Notes : (a) Weighted average distance based on respective production usage of each transportation facility (from pit to vessel)

(b) Represent ABN & IM only

Source : Broker Reports

(b)

90

11

Note: Areas already explored

Vast Unexplored Areas and

Relatively Long Reserve Life

• Explored 3,704 of 7,087 hectares of concession areas

(52% of total concession area) and drilled 3,512

boreholes as of 31 December 2011

• Additional JORC coal reserves and resources

expected to be discovered, especially at TMU where

only 680 hectares out of 3,414 hectares of

concession (20% of TMU concession area) have

only been explored

TMU

Source : Broker report

Toba’s reserve life of over 20 years compares

favorably with other listed peers

Toba Concessions Reserve life ~ Industry Comparison

ABN

IM

TMU

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2008 2009 2010 2011 2012 2013 2014e

TMU IM ABN

Yearly Coal Production Mt : In Million Tons

Operational Data

• Production volume rose

significantly from only

800,000 tons in 2008 to 6.5 m

tons in 2013, booking CAGR

growth of 52.2% over

relatively short period of 5 yrs

• IM and TMU both contributed

to total production’s higher

volume growth of around 40%

and 200% respectively

• Stripping Ratio (SR) fell from

14.9x in 2012 to 13.4x in 2013

due to lowered mining costs

• TMU’s production increased

from only 88,000 tons in 1Q13

to high of 414,000 tons in

4Q13 post earlier-than-

expected completion of

hauling road from TMU-IM via

ABN in 2Q13

2008 2009 2010 2011 2012 2013

Production Volume ('mn ton) 0.8 2.0 4.0 5.2 5.6 6.5

ABN 0.1 1.1 3.1 3.8 4.4 4.2

IM 0.7 0.9 1.0 1.4 1.0 1.4

TMU - - - 0.0 0.2 0.9

Stripping Ratio (x) 11.9 10.5 9.9 12.7 14.9 13.4

Cumulative Production

achievement >10 million

tons

Cumulative Production

Achievement >20

million tons

Solid Operating Track Record

13

5.6 5.2

4.0

2.0

0.8

6.5

7.2 – 7.8

Note: 2014e: Toba’s Production target in 2014

Evolution of Quarterly FOB Cash Cost from 2012-2014

Significant decrease in FOB vessel cash cost from around US$ 55.4/ton in 1Q13 to US$ 48.9/ton in

1Q14 stemmed from lower mining cost

Quarterly FOB Vessel Cash Cost

In US$/ton

Notes:

(1) FOB Vessel Cash Cost = COGS including royalty and selling &marketing expense – depreciation and amortization

(2) Adj. FOB vessel cash costs = COGS, including selling & marketing expense and royalty – depreciation & amortization of exploration & development and

excluding deferred stripping cost

14

67 69 60 57 55 55 53 49 49

77 73 63 52 59 56 51 51 52

17.7x

16.6x

14.2x

12.0x

15.1x 13.6x

12.7x 12.7x 13.5x

0x

3x

6x

9x

12x

15x

18x

-

20

40

60

80

100

Q1'12 Q2'12 Q3'12 Q4'12 Q1'13 Q2'13 Q3'13 Q4'13 Q1'14

FOB Vessel cash cost Adj. FOB Vessel cash cost SR

15

Business Overview 3

Key Message during 2013

Maximizing productivity and

coal sales amid weak coal

industry

Proven production achievement

where at end-2013 posted

volume of 6.5 million tons, above

2013 production target of 5.8 – 6.4

million tons

Undergoing continuous

efficiency program to

improve profitability and

competitiveness

A series of projects were

completed throughout 2013 to

facilitate efficiency program,

including “hauling road” and

“underpass”

Increasing financial

capability to foster corporate

growth

Good financial standings where

cash rose to US$ 63.3 million at

end-2013, up by 74.3% from

December 2012, while supported

by available loan facilities from

internationally reputable banks

Supporting and actively

being involved in Corporate

Social Responsibility (CSR)

Actively participating in the

development in CSR, and receiving

several mining proper awards in

2013

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Key Milestones in 2013

2007 2008 2009 2010 2011 2012

• Hauling Road TMU – IM

completed ahead of

schedule

• TMU Production ready

for ramp up to 80 - 100 K

tons/month

May’13 Oct’13

• New CPP at IM nearing

completion

• IM’s capacity expected

to increase from 3 to 6

million TPA

Nov’13

• 2nd underpass

at ABN

completed

Apr’13

• TMU set up mine

operations in new

pit (block 4)

• Border-mining at

ABN & IM

commenced

Jan’13

• IM entered into

new Mining

Contract with

RPP for 5 years

Toba is on track to integrate its operation and infrastructure capabilities

……….. Dec’13 Sep’13

• ABN Workshop

completed

17

TMU IM

ABN

TMU

Toba’s Concessions

Underpass

Infrastructure

Loading Speed of

1,800 TPH

High Built CPP Cap

10 Mn TPA Hauling Road to IM

Mine Ops Commenced

at Block 4

Short Coal Hauling

Distance < 5km

CPP Ramp Up to 6Mn

Tons/Annum (TPA)

Conveyor for TMU

& Others

Short Coal Hauling

Distance 4km

ABN

TMU

Toba has Developed Infrastructure & Exploration

Capabilities

INDOMINING

18

Integrate CPP Ops with

IM

19

2013 & 1Q14 Performances in Review 4

TOBA Operational Performance in 2013

Quarterly Production & Stripping Ratio (SR) Production in thousand tons

Production Summary MT: Million Ton

2012 2013 Change Comment

Sales Volume

(MT)

SR (x)

5.5 6.4

14.9 13.4

16.4%

-10.1%

Sales volume grew significantly in line with production

volume growth

SR continued to fall resulting in lower mining cost

Production volumes of 1.8

MT in 3Q13 and 1.9 MT in

4Q13 were attributable to

TMU’s contribution in

boosting overall growth via

on-going ramp up

20

5.6 6.5 Production volume grew significantly by 16.1% y-o-y

from 2012 to 2013 mainly driven by border mining at

IM and production ramp-up at TMU

16.1% Production

Volume

(MT)

1,587 1,302 1,501 1,802 1,950

12.0x

15.1x 13.6x

12.7x 12.7x

5x

10x

15x

20x

500

1,000

1,500

2,000

4Q'12 1Q'13 2Q'13 3Q'13 4Q'13

Production volume Stripping Ratio (SR)

TMU as Growth Driver for 2013 and in Future

ABN

IM

PT Kutai Energi

Note: - - - Hauling road

85 84 147 275 420

10.8x 11.3x 12.7x

10.3x

11.1x

0

5

10

15

0

100

200

300

400

500

4Q12 1Q13 2Q13 3Q13 4Q13

Production Volume Stripping Ratio

84

147

275

420

0

100

200

300

400

500

1Q13 2Q13 3Q13 4Q13

TMU Significant Production Ramp-Up Production in Thousand Tons

After hauling

road completion

May

21

TMU completed 17 km hauling road in May 2013

ahead of schedule to connect with ABN’s road

and IM’s infrastructure facilities (CPP and Jetty).

This newly streamlined logistics flow maximizes

infrastructure sharing between ABN, IM, and

TMU, resulting in TMU production ramp up and

much improved overall cost efficiency

In 2013, TOBA booked the highest 4Q production

volume against previous 4Q volumes throughout

its corporate history at 1.9 mn tons, mainly

contributed by TMU’s drastic production ramp up

Key Highlights

Quarterly Production & Stripping Ratio Production in Thousand Tons

396.7

421.8

2012 2013

22.5

58.6

2012 2013

12.0

36.1

2012 2013

2013 Financial Highlights

Revenue US$ million

EBITDA US$ million

Net Income (a)

US$ million

Note: (a) Net Income before minority interest

(b) Figures are audited

Although the weak global coal prices affected the Company’s overall ASP by 7.8% from US$ 72.2/ton in 2012 to

US$ 66.6/ton in 2013, TOBA nevertheless demonstrated resilience by posting a stable 6.3% rise in revenue from

US$ 396.7 million in 2012 to US$ 421.8 million in 2013

EBITDA surged by a hefty 160.7% y-o-y from US$ 22.5 million in 2012 to US$ 58.6 million in 2013, resulting

from predominantly TOBA’s successful strategy in expanding its sales volume, in addition to a combination of the

Company’s on-going cost efficiency initiatives and improvement in sales and marketing

TOBA booked total comprehensive income (before minority interest) of US$ 36.1 million, up by a stellar 201.1%

from US$ 12.0 million in 2012 22

8.5

15.8 1.8

2.6

0.3

2.6

1Q'13 1Q'14

ABN

IM

TMU

56.3 53.1

58.0 49.0

44.3 44.0

1Q'13 1Q'14

ABN

IM

TMU

1Q 2014 Highlights

EBITDA surged by a hefty

123.6% y-o-y from US$ 9.4

million in 1Q13 to US$ 21.1

million in 1Q14

FOB vessel cash cost was

reduced by 11.8% y-o-y,

resulting from lowered overall

SR by 11.0% y-o-y from 15.1x

in 1Q13 to 13.5 x in 1Q14

Production volume expanded

48% y-o-y from 1.3 million tons

in 1Q13 to 1.9 million tons in

1Q14 on the back of

significantly higher volume

contributions from ABN, TMU

and IM

23

Production (in Mn Tons)

936 1,003

270 547

84

362

1Q'13 1Q'14

ABN

IM

TMU

Total 1,290 1,911

48%

Cash Cost (in US$/ton)

Average 55.4 48.9

12%

EBITDA (US$ Mn)

Total 9.4 21.1

124%

1

2

3

TOBA Operational Performance in 1Q 2014

Quarterly Production & Stripping Ratio (SR) Production in Thousand Tons

Production Summary MT: Million Ton

1Q 2013 1Q 2014 Change Comment

Sales Volume

(MT)

SR (x)

1.4 1.9

15.1 13.5

34.9%

-11.0%

Sales volume grew significantly in line with production

volume growth

SR continued to fall resulting in lower mining cost

24

1.3 1.9 Production volume grew significantly by 48.5% y-o-y

from 1Q 2013 to 2Q 2014 48.5% Production

Volume

(MT)

1,302 1,501 1,802 1,950 1,911

15.1x

13.6x 12.7x

12.7x 13.5x

5x

10x

15x

20x

500

1,000

1,500

2,000

2,500

1Q'13 2Q'13 3Q'13 4Q'13 1Q'14

Production volume Stripping Ratio (SR)

Quarterly Production & Stripping Ratio

25

• Y-o-y production increased by 7% from 0.9 Mn tons

in 1Q 2013 to 1.0 Mn tons in 1Q 2014

• Stripping Ratio decreased from 16.6x in 1Q 2013

to 14.1x in 1Q 2014

Production Highlights

936 995 1,188 1,101 1,003

16.6x

14.2x 12.7x

13.1x 14.1x

5x

10x

15x

20x

500

1,000

1,500

1Q13 2Q13 3Q13 4Q13 1Q14

Production volume (mt) Stripping ratio

270 360 339 425 547

11.2x 12.7x

14.9x 12.8x 13.7x

0x

5x

10x

15x

20x

0

250

500

750

1Q13 2Q13 3Q13 4Q13 1Q14

Production volume (mt) Stripping ratio

84 147 275 420 362

11.2x 12.7x 10.3x

11.1x 11.4x

0x

5x

10x

15x

0

100

200

300

400

500

1Q 2013 2Q 2013 3Q 2013 4Q 2013 1Q 2014

Production volume Stripping Ratio

ABN Operational Performance (in Thousands Tons)

INDOMINING Operational Performance (in Thousands Tons)

TMU Operational Performance (in Thousands Tons)

• Y-o-y production increased by more than double

from 0.3 Mn tons in 1Q 2013 to 0.6 Mn tons in 1Q

2014

• Higher SR contracted in 1Q 2014 against 1Q 2013

mainly due to pre-stripping activity at new area

after land compensation is completed

• Solid production growth y-o-y at TMU increased by

three-fold

• In 1Q 2014, TMU performance is higher than

budget due to higher production volume

1Q13 1Q14 Change %

Operation

Sales Volume mton 1.4 1.9 34.9%

Coal production mton 1.3 1.9 48.5%

Stripping Ratio x 15.1 13.5 -11.0%

NEWC Index US$/ton 93.0 78.1 -16.1%

Per Ton Basis

ASP US$/ton 66.4 62.9 -5.3%

FOB Vessel Cash Cost US$/ton 55.4 48.9 -11.8%

Adj. FOB Vessel Cash Cost US$/ton 59.3 51.6 -12.9%

EBITDA US$/ton 6.6 10.9 65.7%

Financial

Sales US$'M 94.9 122.0 28.5%

Operating Profit US$'M 7.7 17.6 126.7%

EBITDA US$'M 9.4 21.1 123.6%

Net Income before Minority

InterestUS$'M 6.0 12.8 114.9%

Ratio

Gross Profit Margin % 15.2% 19.4% 27.7%

EBITDA Margin % 10.0% 17.3% 74.0%

Operating Profit Margin % 8.2% 14.4% 76.4%

Financial Performance

Note (a) Adj. FOB vessel cash costs: COGS, Royalty, Selling Expenses excluding depreciation

and amortization

(b) Figures are unaudited

Coal production grew 48.5% y-o-y, from

1.3 million tons in 1Q13 to 1.9 million tons

in 1Q14 on the back of significantly higher

volume contributions from TMU and IM

(a)

EBITDA increased by 123.6% attributable

to increased production and lower cash

cost by 48.5% and -11.8% respectively

FOB vessel cash cost was slashed by

11.8% y-o-y mainly due to lower mining

costs

26

Dec-13 Mar-14 % Changes

Cash and cash equivalents 63,302 47,411 -25%

Fixed Assets 49,033 48,719 -1%

Others 199,314 203,910 2%

Total Assets 311,648 300,039 -4%

Trade Payables 62,217 69,688 12%

Interest Bearing debt 55,858 49,928 -11%

Advances from Customers 27,906 15,893 -43%

Others 35,187 26,647 -24%

Total Liabilities 181,167 162,156 -10%

Shareholders Equity 130,481 137,883 6%

Balance Sheet

The Company’s assets stood at US$ 300.1 million in March 2014 or down 4% from US$ 311.6 as per end-

December 2013

Total Liabilities decreased by 10% y-o-y to US$ 162.2 million in March 2014 from US$ 181.2 million as per 31st

December 2013. TOBA consistently maintained its net debt to equity at 2% during 1Q 2013 to 1Q 2014

Total Equity in 2013 increased 6% to US$ 137.8 million from US$ 130.5 million as per end-2013, and this was

attributable to additional income for the period

Consolidated Balance Sheet In Thousand US$

Net Debt Position In Million US$

Net Debt

to Equity Net

Cash 2% 2% Net

Cash

27

2%

Note: Mar-14 Figures are unaudited

60

40

45

63

47 43 42

47

56

50

Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014

Cash and cash equivalents Interest Bearing Debt

Marketing Performance

0

20

40

60

80

100

120

140

2010 2011 2012 2013 2014

Newcastle Index

Average Selling Price

US$

65.5/t

US$

72.2/t US$ 66.2/t

US$

91.3/t

US$

62.9/t 1.0 1.3

0.3

0.5 0.1

0.5

1Q'13 1Q'14

ABN IM TMU

35%

NEWC Index (in US$/ton) Sales Volume, YoY (in Mn Tons)

Product Contribution

US$ 132/ton

US$ 74/ton

Marketing Highlights

29%

• Average Newcastle Index declined by 16.2%

from US$ 93.2/ton in 1Q 2013 to US$

78.1.3/ton in 1Q 2014

• Sales volume increased by 34.9%, y-o-y

from 1.4 mn tons in 1Q 2013 to 1.9 mn tons

in 1Q 2014

• TOBA has secured ~70-80% of 2014 sales

volume

• TOBA’s sales are mainly contributed from

ABN 56 and TMU 47 products

1.4

1.9

ABN56 HS, 26%

ABN56 RS, 18%

TMU47, 18%

IM56HS, 10%

ABN59 LS, 9%

ABN52, 5%

Others, 13%

28

Note: Figures are made available for lenders only

South Korea

21%

Japan

Hong Kong

Vietnam

Thailand

Taiwan

7%

China

51%

India

7%

Malaysia

1Q14 Sales and Marketing – Quality & Diversified Buyers

Note: Sales to export destinations ie. Vietnam, Thailand , Hong Kong,

Malaysia and Japan each below 3%

Initiatives Undertaken:

Commenced building well-diversified customer base and export market coverage

Generated good quality sales backed by quality buyers and favorable terms of payment

Achieved tighter discount rate to reference market price with ASP of US$ 65-68/ton 29

Philippines

7%

Major Customers

DRAGON ENERGY GROUP

Major customers provide the stable

business support for Toba’s marketing…

30

2014 Guidance 5

0.9

1.2

1.5 1.6

1.9

0

0.5

1

1.5

2

4Q2009 4Q2010 4Q2011 4Q2012 4Q2013

Toba’s Performance Guidance

Operation 2012 2013 Changes 2014E Changes

Production Volume (million tons) 5.6 6.5 17.0% 7.2 – 7.8 10.0 – 20.0%

Stripping Ratio (x) 14.9 13.4 (10.0%) 12.9 – 13.3 (0.7%) – (3.7%)

Average Selling Price (ASP) (US$/ton) 72.5 66.6 (7.8%) 63.0 – 67.0 (4.3%) – (6.0%)

Coal Production 2008 – 2014 In Million Tons

2008 2009 2010 2011 2012 2013 2014e

TMU IM ABN

5.6 5.2

4.0

2.0

0.8

6.5

7.2 – 7.8

Notes: - All figures are rounded up to one decimal point

31

Highest 4Q production

volume throughout

corporate history

In million tons

Above 2013

internal guidance

of 5.8-6.4m

CAPEX in 2014

In 2014, Toba targets Capex at US$ 24,9

million with the following allocations:

• Construction of Palm Oil Mills in PKU

• Land compensation at TMU,

• Conveyor at ABN,

• Additional heavy equipment at ABN and

IM,

• Exploration activities in 3 mines

Capex - ABN Capex - TMU Capex- IM

In US$’000 In US$’000 In US$’000

7,863

639 556

9,058

LandClearance

Exploration Others Capex

828

740

148 93

1,809

Heavyequipment

Building Exploration Others Capex

2,235

1,078

348

429

589

4,678

Conveyor HeavyEquipment

Exploration Port Others Capex

Palm Oil Mills 38%

Conveyor 9%

Buildings 5%

Equipments 8%

Exploration 5%

Land clearance 31%

Others 4%

Allocates US$

US$ ~9million

Note:

Capex figures based on 2014 guidelines (TOBA, ABN, IM ,TMU and PKU)

32

33

CSR & Environmental Highlights 6

Providing health services to the local

communities

Toba is Committed to Being Responsible

Corporate Citizen

Creating educational opportunities for local

communities including renovating schools,

training teachers, providing post-graduate

educational assistance and creating a

literacy program for adults and a

scholarship program for school-aged

children

Creating local employment opportunities by

sourcing some of the Company’s site

workforce from the neighboring areas

Toba is continuously developing and implementing its corporate social responsibility programs

Helping groups of farmers plant crops of

vegetables and bamboo and assisting with

land rehabilitation

Creating Educational and Employment Opportunities

Providing Health Services

Supporting Farm Productivity

Toba is

Committed to

CSR,

contributing

~US$ 300k

annually for

Community

Development

34

Local Media Publication on ABN’s CSR

ABN Awards Scholarships to Hundreds of

Elementary and High School Students

PT ABN Gives Free Medical Facilities, Milk, and

Fruits to 1,460 Children

PT ABN Builds Training Center for Local

Community

ABN’s CSR Successfully Develops Local

Women in Home Industry of Cassava Crackers

Production

“Kaltim Post, 15th April 2013”

“Kaltim Post, 31st July 2013”

“Kaltim Post, 20th June 2013”

“Kaltim Post, 10th October 2013”

35

2007 2008 2009 2010

2

0

1

1

Target

PROPER Mining Award for

ABN, IM, & TMU

Award and Recognition

ABN

East Kalimantan PROPER Green

Mining Award

2012 2014 2011

Ernst and Young

Social

Entrepreneur of

the Year 2011

2013

Indomining

East Kalimantan PROPER Blue

Mining Award

PT Toba Bara Sejahtra Tbk Ranks as one of Indonesia’s Top

50 companies

!

36

THANK YOU

38

Appendix

Toba’s coal quality

is in mid-upper

range

Coal Specifications

Calorific Value GAR

Ash Sulphur

4,700 5,800

5,200 5,900

6,000 5,300

4,200 7,200

4,900 6,500

5,000 5,100

4,500 6,700

4,900 4,200

4,100 5,100

6,700 4,200

2,5% 12,0%

1,5% 2,0%

2,5% 3,3%

4,0% 5,5%

5,0% 5,5%

4,0% 8,0%

4,5% 13,0%

7,0% 11,5%

9,0% 2,0%

1,9% 10,9%

0,2% 1,4%

0,1% 0,2%

0,1% 0,1%

0,2% 2,0%

1,0% 0,6%

0,7% 0,5% 0,1%

1,5%

1,0% 0,7%

0,2% 0,5%

0,2% 1,0%

TOBA

TOBA TOBA

Source: Broker Reports

39

Integration of three (3) mines

• Benchmarking and

sharing between

departments and

functions

• Optimize and

coordinate mine

planning and logistics

• Centrally coordinate

and streamline

corporate finance,

legal, human resource

and CSR functions

• Joint mine plan and

infrastructure sharing

1 Increase coal reserve

and resource

• Continue exploration

activities to increase

proven and probable

reserves as only 52%

has been explored to

JORC standard

• Consider opportunities

to acquire coal

concessions with

significant reserves

3 Strengthen existing

and develop new customer

relationships

• Supply a higher

proportion of sales

volume to end users,

while maintaining

relationships with

existing coal traders

• Target customers in

Japan, Taiwan, South

Korea, China, Vietnam

and Hong Kong, South

East Asia and India

4 Continue to focus on

health and safety, environmental track

record and commitment to CSR

• Maintain and enhance

high international

operating standards,

utilize automated

mining methods to

minimize accidents and

enhance safety

• Foster community ties

through development

programs as well as job

creation

5 Organically increase

coal production levels

• Expand coal production

through increased

production and mine

development activities

• Strengthen

relationships with third

party mining

contractors and work

closely with them to

improve their

productivity

2

Toba’s Business Strategies

Growing Reserves and Maintain Profitability at Different Cycles

40

• Current production capacity (31 December 2012):

– Crusher: 10 MM tonnes p.a.

– Conveyor: 10 MM tonnes p.a.

• Produces two varieties of blended thermal coal

– ABN 52: Marketed CV(1) of 5,200 kcal / kg GAR

– ABN 55: Marketed CV of 5,500 kcal / kg GAR

– ABN 58 : Marketed CV of 5,800 kcal / kg GAR

• Substantially all of the owners of the land within ABN’s

concession area have been compensated and ABN has been

granted the exclusive right to mine those areas

• Area: 2,990 ha

• Location: Sanga-Sanga, Kutai Kartanegara, East Kalimantan

• Type of license: IUPOP

• Expiry date: 1 December 2029

• Commencement of production: September 2008

• 2012 production: 4.4 MM tonnes

• Mining consultant: PT Runge Indonesia

ABN: Coal Concession Overview

IM

TMU

ABN

Jetty ABN

Overview

Operations

Marketing

• Historically sold between 50%-100% of its annual production through

long-term (longer than 1 year) with coal trading companies

– The remainder were sold on the spot market

• Currently, IM sells coal to buyers based on fixed priced contracts up

to one year, backed with pre-determined cash prepayments

Note:

1. Calorific value

41

• Current production capacity (31 December 2012):

– Crusher: 3.0 MM tonnes p.a.

– Conveyor: 4.5 MM tonnes p.a.

• Produced one variety of blended thermal coal “Indomining”

with marketed CV(1) of 5,700 kcal / kg GAR in 2012

– May produce additional varieties of blended thermal coal in

the future

• Has compensated the majority all of the owners of the land

within its concession area for their land and has been granted

the exclusive right to mine those areas

• Area: 683 ha

• Location: Sanga-Sanga, Kutai Kartanegara, East Kalimantan

• Type of license: IUPOP

• Expiry date: IUPOP effective until 2023 and can be renewed for

another 10 years

• Production commencement: August 2007

• 2012 production: 1 MM tonnes

• Mining consultant: PT SMG Consultants

IM: Coal Concession Overview

IM

TMU

Overview

Operations

Marketing

• Historically sold approximately 50% of its annual production through

short-term (one year or shorter) contracts with coal trading companies

– Clients include Glencore, Flame, Peabody, Dragon, Aempire

• The remainder are sold on the spot market

• Currently, IM sells coal to buyers based on fixed priced contracts up to

one year, backed with pre-determined cash prepayments

IM

Jetty

Note:

1. Calorific value

ABN

42

• Current production capacity (31 December 2012):

– Crusher: 1.4 MM tons p.a.

• Produces one variety of blended thermal coal “Trisensa-

47”, with marketed CV(1) of 4,700 kcal / kg GAR

– May produce additional varieties of blended thermal

coal in the future

• Area: 3,414 ha

• Location: Loa Janan, Muara Jawa and Sanga-Sanga,

Kutai Kartanegara, East Kalimantan

• Type of license: IUPOP

• Expiry date: 14 December 2023

• Commencement of production: October 2011

• 2012 coal production: ~257,000 tons

• Mining consultant: Marston & Marston

TMU: Coal Concession Overview

Overview

Operations & Marketing

Note:

1. Calorific value

Kutai Energi haul

road and jetty

(17 km)

IM

ABN

TMU

Sungai Sangasanga

Sungai Dondang

Pulau Seribu

Jetty KE

Completed haul road

to ABN and IM (25 km)

43